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ABC Holdings Limited Unaudited Interim Group Results for the six months ended 30 June 2012

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Page 1: Unaudited Interim Group Results - BancABC group results... · 2 ABC Holdings Limited UNAUDITED INTERIM GROUP RESUL TS 2012 ANNOUNCEMENT TO SHAREHOLDERS The Group posted a strong set

ABC Holdings LimitedUnaudited Interim Group Results for the six months ended

30 June 2012

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ABC Holdings Limited is the parent company of a number of banks operating under the BancABC brand in Sub-Saharan Africa, with operations in

Botswana, Mozambique, Tanzania, Zambia and Zimbabwe. A group services office is located in South Africa.

Our vision is to be Africa’s preferred banking partner by offering world class financial solutions. We will realise this by building profitable, lifelong

customer relationships through the provision of a wide range of innovative financial products and services – to the benefit of all our stakeholders.

The Group offers a diverse range of services including but not limited to the following: Corporate banking, treasury services, Retail & SME Banking, asset

management and stock broking.

ABC Holdings Limited is registered in Botswana. Its primary listing is on the Botswana Stock Exchange, with a secondary listing on the

Zimbabwe Stock Exchange.

ABOUT BancABC

Our core values centre on five distinct areas.

They remain the guiding principles

by which we operate and form the basis of our

corporate personality.

OUR VALUES

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Total income up by 53% from BWP311 million to BWP476 million;

Operating expenses up 55% from BWP244 million to BWP379 million largely due to increased span of activity in Retail and SME banking;

Cost to income ratio increased to 75% (H111: 72%);

Net operating income is 45% up from BWP67 million to BWP97 million;

Pre-tax profit 53% up from BWP63 million to BWP96 million;

Attributable profit to shareholders of BWP56 million (H111: BWP37 million);

Basic EPS of 37.2 thebe (H111: 25.9 thebe) and diluted EPS of 31.1 thebe (H110: 24.6 thebe);

Deposits increased by 19% since December 2011 and 46% from June 2011, to BWP8.8 billion;

Botswana

Zambia Tanzania

Mozambique

Zimbabwe

highlights

Loans and advances increased by 29% since December 2011 and 95% from June 2011 to BWP7.8 billion;

Total assets increased by 18% since December 2011 and by 47% from June 2011 to BWP10.8 billion;

Average return on equity at 18% (H111: 17%);

Total retail branches increased from 35 in June 2011 to 55 in June 2012;

Total retail customer numbers increased by 144% from 63,891 in June 2011 to 155,763 in June 2012;

NPLs marginally down from 5.5% in June 2011 to 5.4% in June 2012. Credit loss ratio down from 1.2% in 2011 to 0.8% in 2012;

Raised US $50 million by way of a rights issue in July 2012.

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ABC Holdings Limited UnAUdited interim GroUp resULts 20122

ANNOUNCEMENT TO SHAREHOLDERS

The Group posted a strong set of results for the half year ended 30 June 2012. This was largely driven by strong income generation in both wholesale and retail banking segments. All the subsidiaries posted excellent results with the exception

of BancABC Tanzania which posted a loss for the period. Pre-tax profit at BWP96 million is 53% up on BWP63 million achieved in the prior year. Attributable

profit to share hol ders at BWP56 million is 49% up on BWP37 million posted for the compa rative period last year.

Total assets increased by 18% during the six months period to 30 June 2012 to BWP10.8 billion from BWP9.2 billion in December 2011. The balance sheet increased by 47% compared to 30 June 2011. Sig ni ficant inroads have been

achieved in the consumer lending and group schemes business segments particularly in Botswana, Zambia and Zimbabwe. The Group now operates 55 branches

compared to 35 in the prior year and 49 as at end of December 2011.

Overview

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Operating expenditure Operating expenses of BWP379 million were higher than prior year by 55% (BWP135 million). The Group has rapidly grown its retail business, consequently there are now more branches and a significant in-crease in the number of employees. As expected this comes in at a higher cost although the growth in cost to income ratio has stabilised somewhat. Cost to income ratio at 75% is higher than the 72% recorded last year but should start coming down in the next couple of months. We are still cautiously optimistic that we will achieve our target cost to income ratio of 50% within the next few years.

TaxationIn the current period, the Group had a tax charge of BWP40 million compared to a tax charge of BWP24 million in the prior year. The effective tax rate is 42% compared to 38% in prior year. This is largely due to losses in head office and other non-banking sub-sidiaries, where no tax benefit has been derived. A conservative view was taken not to immediately recognise deferred tax assets arising out of these losses and the position will be reviewed at year end.

Balance sheetThe balance sheet increased to BWP10.8 billion (US$1.4 billion) compared to BWP7.4 billion as at 30 June 2011 and BWP9.2 billion as at 31 December 2011. Loans and advances increased to BWP7.8 billion from BWP6.1 billion (24%) as at 31 December 2011 and BWP4 billion (87%) as at 30 June 2011. The major contributor to current year growth was BancABC Botswana. Deposits increased to BWP8.8 billion from BWP7.4 billion in December 2011 (19%) and BWP6 billion (46%) as at 30 June 2011.

Financial PerformanceNet interest incomeNet interest income of BWP274 million was 43% ahead of BWP191 million achieved in 2011. This was due to a combination of higher business volumes and better margins as Retail banking contribution where there are higher margins became more pro-nounced. BancABC Botswana was the major contri-butor as a result of the increase in the consumer lending and group schemes loan book which closed the period at BWP1 billion from virtually nothing last year. All the other entities with the exception of BancABC Tanzania also achieved growth on the back of an increase in the balance sheet size as well as improved margins. Interest margins in Tanzania shrunk due to a rapid increase in deposit interest rates ex-perienced in the market in the last quarter of 2011 and beginning of 2012. On the other hand the full im-pact of this could not be passed on to the borrowing clients.

Impairment losses on loans and advancesNet impairments of BWP32 million were 26% up on BWP26 million recorded in prior year. The in crease is largely due to portfolio impairments owing to the growth in the book. The quality of the book was stable with gross non-performing loans of 5.4% as at June 2012 (June 2011: 5.5%). The credit loss ratio improved to 0.8% in the current period from 1.2% in the prior year.

Non-interest incomeNon-interest income of BWP235 million was 61% ahead of prior year comparative of BWP146 million. The Group achieved significant growth in almost all the markets from increased trading activity as well as increased transactional income. BancABC Botswana was able to increase its foreign currency trading income during the year and registered significant growth in transactional income due to an increase in retail banking customers. Significant non-funded in-come was generated in Zambia on the back of an increase in guarantee and trade finance business. All the other operations generated significant growth in this income line due to higher business volumes.

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ABC Holdings Limited UnAUdited interim GroUp resULts 20124

Announcement to Shareholders continued

Attributable ProfitBanking operations posted attributable profit of BWP111 million up 52% on BWP73 million achieved last year. All the Banking subsidiaries with the exception of BancABC Tanzania which posted a loss of BWP5 million compared to an attributable profit of BWP10 million in the prior year, achieved results that are materially better than prior year. BancABC Botswana’s attributable profit of BWP36 million is three times higher than BWP11 million achieved in 2011. BancABC Zambia almost tripled its profitability from BWP6 million to BWP17 million. BancABC Mozambique and BancABC Zimbabwe achieved 77% and 30% growth in profitability respectively.

Head Office entities registered an attributable loss of BWP56 million (2011: BWP36 million). Included in this loss is BWP8 million attributable to mark-to-market losses in respect of PG Zimbabwe and a share of associate loss in respect of PG Botswana (2011: BWP4.5 million). Our investment in both en ti-ties remains available for sale as they are considered non-core operations. Income at Head Office also significantly reduced as Group took a decision to fund the capitalisation of subsidiaries ahead of the conclusion of the rights issue and this meant disposing of some assets and in creasing short-term borrowings. This resulted in a net interest expense of BWP8 million compared to net interest income of BWP12 million in the prior year. The net interest expense position should reverse in the second half of the year as liquidity at the centre improves and the extra borrowings are repaid using the rights issue proceeds.

OPERATIONAL PERFORMANCEBotswanaBancABC Botswana performed exceptionally well during the period with attributable profit increasing by 228% to BWP36 million. Total income in creased by 126% from BWP48 million in the prior year to BWP109 million in the current year. This was driven predominantly by an increase in net interest income from the increased consumer lending and group schemes loans. Loans and advances in creased by 230% when compared to 30 June 2011 and net interest income increased by 203% when com-pared to prior year. The quality of the loan book improved markedly with non-performing loans (NPLs) now down to 1.8% from 5.9% as at 30 June 2011. However, impairments increased from BWP2 million to BWP15 million largely due to portfolio impairments, owing to the increase in the loan book.

Non-interest income at BWP34 million increased by 64%. The increase was largely on the back of an increase in foreign currency trading income as well as from transactional fees around the consumer lending and group schemes loan portfolio.

Operating expenses increased by 73% to BWP64 million, due to increased business activity particu-larly on the retail front. Notwithstanding the above it should be noted that cost to income ratio rapidly declined from 73% in the prior year to 51%, which is closer to the Group’s short term target of 50%.

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MozambiqueBancABC Mozambique’s profitability increased by 77% from BWP8 million to BWP14 million. This was mainly due to an increase in net interest income as the balance sheet size and margins increased during the current year. Market interest rates have been on a down-ward trend and this has lowered the subsidiary’s cost of funds which improved margins. Net interest income at BWP46 million was higher than prior year by 127%. Loans and advances increased by 53% to BWP827 million compared to BWP541 million in June 2011. Gross non-performing loans increased from 4.3% in June 2011 to 7.4% in the current year and this led to an increase in impairment charges during the period. Impairments increased from BWP3 million to BWP10 million in the current period.

Non-interest income increased by 32% to BWP33 million. This was driven by growth in trade finance fees as well as an increase in foreign currency trading profits. Operating expenses on the other hand in-creased by 55% to BWP51 million and this was a direct result of an increased span of activity as the Group continues its expansion into the retail space. Cost to income ratio, never-the-less, reduced from 72% to 64% in the current year.

TanzaniaBancABC Tanzania posted an attributable loss of BWP5 million compared to an attributable profit of BWP10 million in the prior year. This was largely due to a reduction in net interest income as well as loan impairments recorded during the period.

Net interest income of BWP15 million was 38% lower than prior year due to lower interest margins during the period. Market interest rates rapidly increased towards the end of 2011 and this ad-versely impacted interest margins. On the other hand the higher costs of deposits could not be fully passed on to borrowing clients.

The impairment charge of BWP10 million, though still relatively high, reflects a 13% reduction from the charge of about BWP12 million in prior year. The portfolio still needs to be closely managed to ensure that non-performing loans are kept at a minimal level.

Non-interest income of BWP28 million was lower than prior year by 12% due to lower bond trading income as volumes reduced. Operating expenses increased by 36% to BWP41 million in line with the expansion of the business. Whilst we are unhappy with the results it is pleasing to note that we have now obtained a Government payroll deduction code which positions the business well for the future.

ZambiaBancABC Zambia’s profitability significantly increased from BWP6 million in 2011 to BWP17 million in the current year. This was on the back of growth in the consumer lending segment as well as in non-funded trade finance transactions in the wholesale banking division. As a way of properly pricing its loan book and related services, a deliberate step was taken to split income earned on consumer loans between interest income and loan manage ment fees. This led to a reduction of 11% in net interest income

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ABC Holdings Limited UnAUdited interim GroUp resULts 20126

Announcement to Shareholders continued

from BWP38 million to BWP34 million in the current period. How ever, this was more than compensated for by the 346% increase in non-interest income from a combination of the increased loan manage-ment fees on consumer loans coupled with increased trade finance transactional fees. Non-interest income increased from BWP10 million to BWP43 million in the current period. The quality of the loan book continues to improve, as a result we registered a net recovery for the first time in recent history. Gross non-performing loans declined from 11.6% in June 2011 to 4.5% in June 2012. As a result of the on-going business expansion, operating expenses increased by 41% to BWP55 million.

ZimbabweBancABC Zimbabwe continued its growth trajectory though at a lower rate compared to 2011. Business growth was hampered by liquidity challenges ex perienced in the market and the Group took a delibe rate decision to cut back on lending to man-age associated risks. Nonetheless, profitability increased by 30% from BWP38 million to BWP50 million. This was on the back of growth in all income lines as a result of higher business volumes. Retail branch network increased from 6 in June 2011 to 19 branches in the current year. Net interest income

increased by 45% to BWP95 million and non-in-terest income increased by 77% to BWP97 million. Loans and advances increased by 63% from BWP1.5 billion in June 2011 to BWP2.4 billion in the current year. However, operating expenses increased by 101% to BWP124 million due to business expansion.

Retail and SME banking The retail banking roll out continued with the branch network increasing to 55 compared to 35 in June 2011. The Group has successfully rolled out pro-fitable retail products in Botswana, Zambia and Zimbabwe and the process is expected to spread to Mozambique and Tanzania. We now have Govern-ment payroll deduction codes in all the markets with the exception of Mozambique. The plan is to continue rolling out full retail capability to all sub-sidiaries and quickly growing this division into a formidable market player in all the markets. Product innovation and excellent service delivery will under-pin growth in the markets we operate in.

DividendAt the Board meeting held on 31 July 2012, the directors proposed an interim gross dividend of

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8 thebe per share. This will be paid on 21 Sep-tember 2012 to shareholders on the register on 7 Septem ber 2012.

Capital raisingThe US$50 million rights offer was successfully conducted and closed on Friday 27 July 2012. As a result of under-writing the rights offer, ADC Financial Services & Corporate Development Limited (ADC)’s shareholding in the Group has increased from 23% to about 42%. In addition ADC agreed to warehouse some shares for senior management and if this is taken into account ADC’s effective control of the Group increases to 50.4%.

The subsidiaries have been fully capitalised as planned. Since December 2011 US$57.5 million has been injected in the subsidiaries as follows: BancABC Botswana US$25 million, BancABC Mozam bique US$3.5 million, BancABC Zambia US$7 million, BancABC Tanzania US$7 million and BancABC Zim babwe US$15 million.

The growth rate is such that we have to raise addi -tional funding by way of tier II capital and in this regard discussions are already taking place with po ten tial funders so that we do not lose the momentum that we have achieved to date.

DirectorateMr Johannes Wasmus retired as a non-executive director at the annual general meeting on 30 May 2012. He has been a member of the Board since 2003 and has served as chairman of the Loans Review Committee and as a member of the Risk and Audit Committee. We would like to thank Mr Wasmus for his valuable contribution and dedi-cation to the Group over many years of service. We wish him success in all his future endeavours.

OutlookThe sovereign debt crisis in Europe and the high likelihood of a contagion effect across the world has not dissipated. A slow-down in global growth will necessarily mean that the environment in which we operate in will continue to be challenging. The major financial systems in the world will suffer the most

and the recent debacle on LIBOR setting does not help to boost the public confidence in the banking industry. Regrettably this is now the new normal. Not with standing the above we are confident that the growth we have seen in the recent past will continue unabated. Whereas in the past we have had challenges in writing quality assets we are now in a position where liquidity is the main limiting factor to business growth. We are determined to deal with this challenge and ensure that it does not significantly inhibit business growth.

AcknowledgmentWe would like to acknowledge the contribution of the Board, Management and staff in producing a satisfactory set of results.

H Buttery DT MunatsiGroup Chairman Group Chief Executive Officer

14th August 2012

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8 ABC Holdings Limited UnAUdited interim GroUp resULts 2012

CONSOLIDATED INCOME STATEMENTfor the six months ended 30 June 2012

BWP’000s – (Presentation currency) Notes

Unaudited30 Jun 2012

6 months

Unaudited30 Jun 2011

6 months

Audited31 Dec 2011

12 months

Interest and similar income 662,229 443,427 821,900Interest expense and similar charges (388,558) (252,073) (409,538)

Net interest income before impairment of advances 273,671 191,354 412,362Impairment losses on loans advances (32,409) (25,821) (79,537)

Net interest income after impairment of advances 241,262 165,533 332,825Non-interest income 3 234,947 145,678 325,984

Total income 476,209 311,211 658,809Operating expenditure 4 (379,016) (244,025) (545,948)

Net income from operations 97,193 67,186 112,861Share of results of associates (1,472) (4,547) (5,177)

Profit before tax 95,721 62,639 107,684Tax (40,441) (23,529) (19,986)

Profit for the period 55,280 39,110 87,698

Attributable to:Ordinary shareholders 55,579 37,242 83,002Minorities (299) 1,868 4,696

Profit for the period 55,280 39,110 87,698

Earnings per share (thebe) 37.2 25.9 56.6Dividend per share (thebe) 8.0 6.8 17.5Weighted average number of shares (000’s) 149,472 144,049 146,760

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CONSOLIDATED INCOME STATEMENTfor the six months ended 30 June 2012

USD’000s – (Convenience conversion)

Unaudited30 Jun 2012

6 months

Unaudited30 Jun 2011

6 months

Audited31 Dec 2011

12 months

Interest and similar income 89,312 67,600 120,244 Interest expense and similar charges (52,403) (38,428) (59,915)

Net interest income before impairment of advances 36,909 29,172 60,329 Impairment losses on loans advances (4,371) (3,936) (11,637)

Net interest income after impairment of advances 32,538 25,236 48,692 Non-interest income 31,686 22,208 47,692

Total income 64,224 47,444 96,384 Operating expenditure (51,116) (37,201) (79,873)

Net income from operations 13,108 10,243 16,511 Share of results of associates (198) (693) (757)

Profit before tax 12,910 9,550 15,754 Tax (5,454) (3 ,587) (2,924)

Profit for the period 7,456 5,963 12,830

Attributable to:Ordinary shareholders 7,497 5,678 12,143 Minorities (41) 285 687

Profit for the period 7,456 5,963 12,830

Earnings per share (cents) 5.0 3.9 8.3 Dividend per share (cents) 1.0 1.0 2.4 Weighted average number of shares (000’s) 149,472 144,049 146,760

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10 ABC Holdings Limited UnAUdited interim GroUp resULts 2012

CONSOLIDATED BALANCE SHEETas at 30 June 2012

BWP’000s – (Presentation currency) NotesUnaudited

30 Jun 2012Unaudited

30 Jun 2011Audited

31 Dec 2011

ASSETSCash and short term funds 988,788 1,356,617 1,243,431Financial assets held for trading 544,474 1,030,839 651,049Financial assets designated at fair value 90,053 84,135 185,412Derivative financial assets 38,979 8,074 32,337Loans and advances 7,817,545 4,018,987 6,077,399Investment securities 294,540 111,481 86,174Prepayments and other receivables 248,510 246,631 172,000Current tax assets – – 8,458Investment in associates 14,354 29,504 17,539Property,and equipment 576,491 392,799 514,880Investment properties 4,132 4,988 2,021Intangible assets 133,472 61,031 130,362Deferred tax assets 71,209 20,152 62,826

TOTAL ASSETS 10,822,547 7,365,238 9,183,888

EQUITY AND LIABILITIESLiabilitiesDeposits 8,781,462 6,004,301 7,374,700Derivative financial liabilities 52,531 – 47,069Creditors and accruals 162,133 188,236 130,427Current tax liabilities 6,812 5,634 27,617Deferred tax liabilities 22,807 14,740 9,720Borrowed funds 5 1,130,944 682,839 981,788

Total liabilities 10,156,689 6,895,750 8,571,321

EquityStated capital 316,592 307,586 316,592Foreign currency translation reserve (232,243) (337,380) (246,046)Non distributable reserves 182,593 171,238 182,593Distributable reserves 382,961 311,672 343,672Equity attributable to ordinary shareholders 649,903 453,116 596,811Minority interest 15,955 16,372 15,756Total equity 665,858 469,488 612,567

TOTAL EQUITY AND LIABILITIES 10,822,547 7,365,238 9,183,888

Guarantees and other credit commitments 6 733,997 412,495 432,903

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CONSOLIDATED BALANCE SHEETas at 30 June 2012

USD’000s – (Convenience conversion)Unaudited

30 Jun 2012Unaudited

30 Jun 2011Audited

31 Dec 2011

ASSETSCash and short term funds 129,185 207,562 166,122 Financial assets held for trading 71,136 157,707 86,980 Financial assets designated at fair value 11,765 12,884 24,771 Derivative financial assets 5,093 1,235 4,320 Loans and advances 1,021,362 614,905 811,940 Investment securities 38,482 17,057 11,513 Prepayments and other receivables 32,468 37,735 22,980 Current tax – – 1,130 Investment in associates 1,875 4,514 2,343 Property,and equipment 75,319 60,098 68,788 Investment properties 540 763 270 Intangible assets 17,438 9,338 17,417 Deferred tax assets 9,303 3,083 8,394

TOTAL ASSETS 1,413,966 1,126,881 1,226,968

EQUITY AND LIABILITIESLiabilitiesDeposits 1,147,298 918,658 985,260 Derivative financial liabilities 6,863 – 6,288 Creditors and accruals 21,183 28,800 17,425 Current tax liabilities 890 862 3,690 Deferred tax liabilities 2,979 2,255 1,299 Borrowed funds 147,758 104,474 131,167

Total liabilities 1,326,971 1,055,049 1,145,129

Equity attributable to ordinary shareholders 84,910 69,327 79,734 Minority interest 2,085 2,505 2,105 Total equity 86,995 71,832 81,839

TOTAL EQUITY AND LIABILITIES 1,413,966 1,126,881 1 226,968

Guarantees and other credit commitments 95,897 63,112 57,836

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12 ABC Holdings Limited UnAUdited interim GroUp resULts 2012

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEfor the six months ended 30 June 2012

BWP’000s – (Presentation currency)Unaudited

30 Jun 2012Unaudited

30 Jun 2011Audited

31 Dec 2011

Profit for the period 55,280 39,110 87,698

Other comprehensive income 14,301 6,933 101,846

Exchange differences on translating foreign operations 14,301 9,207 102,415 Revaluation of property – – 1,833 Share of reserves in associate companies – (2,275) (1,901) Movement in available for sale reserves – 1 (132) Income tax relating to components of other comprehensive income – – (369)

Total comprehensive income for the period 69,581 46,043 189,544

Total comprehensive income attributable to:Ordinary shareholders 69,382 44,976 183,775 Minorities 199 1,067 5,769

69,581 46,043 189,544

USD’000s – (Convenience conversion)Unaudited

30 Jun 2012Unaudited

30 Jun 2011Audited

31 Dec 2011

Profit for the period 7,456 5,963 12,830

Other comprehensive income 1,929 1,057 14,900

Exchange differences on translating foreign operations 1,929 1,404 14,983 Revaluation of property – – 268 Share of reserves in associate companies – (347) (278) Movement in available for sale reserves – – (19) Income tax relating to components of other comprehensive income – – (54)

Total comprehensive income for the period 9,385 7,020 27,730

Total comprehensive income attributable to:Ordinary shareholders 9,357 6,857 26,886 Minorities 28 163 844

9,385 7,020 27,730

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CONSOLIDATED CASH FLOW STATEMENTfor the six months ended 30 June 2012

BWP’000s

Unaudited30 Jun 2012

6 months

Unaudited30 Jun 2011

6 months

Audited31 Dec 2011

12 months

CASH FLOWS FROM OPERATING ACTIVITIES (263,431) 230,734 (175,580)

Cash generated from operating activities 163,654 111,917 263,802

Net profit before tax 95,721 62,639 107,684 Adjusted for:Impairment of loans and advances 32,409 25,821 79,537 Depreciation and amortisation 32,363 17,963 47,899 Net losses on derivative financial instruments 2,034 837 17,122 Fair value gains on investment properties (524) – – Profit on disposal of investment properties – – (395)Loss from associates 1,472 4,547 5,177 Discount on new shares issued to staff – – 2,379 Impairment of investment in associates – – 4,292 Loss on disposal of property and equipment 179 110 107

Tax paid (48,084) (18,019) (53,328)

Net cash inflow from operating activities before changes in operating funds 115,570 93,898 210,474 Net decrease/(increase) in operating funds (379,001) 136,836 (386,054)

Increase in operating assets (1,822,929) (1,083,592) (3,460,992)Increase in operating liabilities 1,443,928 1,220,428 3,074,938

CASH FLOWS FROM INVESTING ACTIVITIES (103,910) (85,180) (244,185)

Purchase of property and equipment (86,935) (74,529) (174,441)Purchase of intangible assets (16,434) (9,644) (80,575)Additions to investment property (1,587) (1,110) (38)Additions to associates – – (1,665)Proceeds on disposal of property and equipment 1,046 103 206 Proceeds on disposal of investment property – – 2,709 Proceeds on disposal of associate – – 9,619

CASH FLOWS FROM FINANCING ACTIVITIES 132,866 89,223 392,795

Increase in borrowed funds 149,156 103,419 410,009 Dividend paid (16,290) (14,196) (25,161)Dividends paid by subsidiaries to minority interests – – (5,535)Disposal of treasury shares – – 5,827 Proceeds from issue of shares – – 7,655

(Decrease)/increase in cash and cash equivalents (234,475) 234,777 (26,970)Cash and cash equivalents at the beginning of the period 864,734 788,026 788,026 Exchange adjustment on opening balance 19,362 6,503 103,678

Cash and cash equivalents at the end of the period 649,621 1,029,306 864,734

Cash and cash equivalents 649,621 1,029,306 864,734 Statutory reserves 339,167 327,311 378,697

Cash and short term funds 988,788 1,356,617 1,243,431

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14 ABC Holdings Limited UnAUdited interim GroUp resULts 2012

CONSOLIDATED STATEMENT OF CHANGES IN EQUITYfor the six months ended 30 June 2012

ATTRIBUTABLE TO OWNERS OF THE PARENT ATTRIBUTABLE TO OWNERS OF THE PARENT

BWP’000s Statedcapital

Foreigncurrency

translationreserve

Regula-tory

generalcredit risk

reserve

Propertyrevaluation

reserve

Availablefor salereserve

Statutoryreserve

Sharebased

paymentsreserve

Treasuryshares

reserve

Distri-butable

reserves Total Minorityinterest

Total equity

Balance as at 1 January 2011 307,586 (347,388) 5,059 119,143 752 39,952 – (2,371) 299,603 422,336 15,522 437,858 Comprehensive income: Profit for the period 37,242 37,242 1,868 39,110 Other comprehensive income: – 10,008 5,309 – 1 3,393 – – (10,977) 7,734 (801) 6,933 Foreign currency translation differences 10,008 10,008 (801) 9,207 Movement in general credit risk reserve 5,309 (5,309) – – Share of reserves in associate companies (2,275) (2,275) (2,275)Movement in statutory reserves 3,393 (3,393) – – Movement in available for sale reserves: – – – – 1 – – – – 1 – 1 – Arising in current period 1 1 1 – Realised through profit and loss – –

TOTAL COMPREHENSIVE INCOME – 10,008 5,309 – 1 3,393 – – 26,265 44,976 1,067 46,043 Transactions with owners Dividends paid (14,196) (14,196) (14,196)Dividends paid by subsidiaries to minority interests (217) (217)Total transactions with owners – – – – – – – – (14,196) (14,196) (217) (14,413)Balance as at 30 June 2011 307,586 (337,380) 10,368 119,143 753 43,345 – (2,371) 311,672 453,116 16,372 469,488 Profit for the period 45,760 45,760 2,828 48,588 Other comprehensive income: – 91,334 3,523 (860) (133) 6,454 – – (7,279) 93,039 1,874 94,913 Foreign currency translation differences 91,334 91,334 1,874 93,208 Revaluation of property net of deferred tax 1,464 1,464 1,464 Movement in general credit risk reserve 3,523 (3,523) – – Share of reserves in associate companies (2,324) 255 2,443 374 374 Movement in statutory reserves 6,199 (6,199) – – Movement in available for sale reserves: – – – – (133) – – – – (133) (133)– Arising in current period (133) – (133) – (133)– Realised through profit and loss – – –

TOTAL COMPREHENSIVE INCOME – 91,334 3,523 (860) (133) 6,454 – – 38,481 138,799 4,702 143,501 Transactions with owners Dividends paid (10,965) (10,965) (10,965)Dividends paid by subsidiaries to minority interests – (5,318) (5,318)Disposal of treasury shares (1,028) 2,371 4,484 5,827 5,827 Discount on new shares issued to staff 2,379 2,379 2,379 Proceeds from shares issued 9,006 (1,351) 7,655 7,655 Total transactions with owners 9,006 – – – – – – 2,371 (6,481) 4,896 (5,318) (422)Balance as at 1 January 2012 316,592 (246,046) 13,891 118,283 620 49,799 – – 343,672 596,811 15,756 612,567 Comprehensive income: Profit for the period – – – – – – – – 55,579 55,579 (299) 55,280 Other comprehensive income: – 13,803 – – – – – – – 13,803 498 14,301 Foreign currency translation differences 13,803 13,803 498 14,301

TOTAL COMPREHENSIVE INCOME – 13,803 – – – – – – 55,579 69,382 199 69,581 Transactions with owners Dividends paid (16,290) (16,290) (16,290)Total transactions with owners – – – – – – – – (16,290) (16,290) – (16,290)Balance as at 30 June 2012 316,592 (232,243) 13,891 118,283 620 49,799 – – 382,961 649,903 15,955 665,858

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15

ATTRIBUTABLE TO OWNERS OF THE PARENT ATTRIBUTABLE TO OWNERS OF THE PARENT

BWP’000s Statedcapital

Foreigncurrency

translationreserve

Regula-tory

generalcredit risk

reserve

Propertyrevaluation

reserve

Availablefor salereserve

Statutoryreserve

Sharebased

paymentsreserve

Treasuryshares

reserve

Distri-butable

reserves Total Minorityinterest

Total equity

Balance as at 1 January 2011 307,586 (347,388) 5,059 119,143 752 39,952 – (2,371) 299,603 422,336 15,522 437,858 Comprehensive income: Profit for the period 37,242 37,242 1,868 39,110 Other comprehensive income: – 10,008 5,309 – 1 3,393 – – (10,977) 7,734 (801) 6,933 Foreign currency translation differences 10,008 10,008 (801) 9,207 Movement in general credit risk reserve 5,309 (5,309) – – Share of reserves in associate companies (2,275) (2,275) (2,275)Movement in statutory reserves 3,393 (3,393) – – Movement in available for sale reserves: – – – – 1 – – – – 1 – 1 – Arising in current period 1 1 1 – Realised through profit and loss – –

TOTAL COMPREHENSIVE INCOME – 10,008 5,309 – 1 3,393 – – 26,265 44,976 1,067 46,043 Transactions with owners Dividends paid (14,196) (14,196) (14,196)Dividends paid by subsidiaries to minority interests (217) (217)Total transactions with owners – – – – – – – – (14,196) (14,196) (217) (14,413)Balance as at 30 June 2011 307,586 (337,380) 10,368 119,143 753 43,345 – (2,371) 311,672 453,116 16,372 469,488 Profit for the period 45,760 45,760 2,828 48,588 Other comprehensive income: – 91,334 3,523 (860) (133) 6,454 – – (7,279) 93,039 1,874 94,913 Foreign currency translation differences 91,334 91,334 1,874 93,208 Revaluation of property net of deferred tax 1,464 1,464 1,464 Movement in general credit risk reserve 3,523 (3,523) – – Share of reserves in associate companies (2,324) 255 2,443 374 374 Movement in statutory reserves 6,199 (6,199) – – Movement in available for sale reserves: – – – – (133) – – – – (133) (133)– Arising in current period (133) – (133) – (133)– Realised through profit and loss – – –

TOTAL COMPREHENSIVE INCOME – 91,334 3,523 (860) (133) 6,454 – – 38,481 138,799 4,702 143,501 Transactions with owners Dividends paid (10,965) (10,965) (10,965)Dividends paid by subsidiaries to minority interests – (5,318) (5,318)Disposal of treasury shares (1,028) 2,371 4,484 5,827 5,827 Discount on new shares issued to staff 2,379 2,379 2,379 Proceeds from shares issued 9,006 (1,351) 7,655 7,655 Total transactions with owners 9,006 – – – – – – 2,371 (6,481) 4,896 (5,318) (422)Balance as at 1 January 2012 316,592 (246,046) 13,891 118,283 620 49,799 – – 343,672 596,811 15,756 612,567 Comprehensive income: Profit for the period – – – – – – – – 55,579 55,579 (299) 55,280 Other comprehensive income: – 13,803 – – – – – – – 13,803 498 14,301 Foreign currency translation differences 13,803 13,803 498 14,301

TOTAL COMPREHENSIVE INCOME – 13,803 – – – – – – 55,579 69,382 199 69,581 Transactions with owners Dividends paid (16,290) (16,290) (16,290)Total transactions with owners – – – – – – – – (16,290) (16,290) – (16,290)Balance as at 30 June 2012 316,592 (232,243) 13,891 118,283 620 49,799 – – 382,961 649,903 15,955 665,858

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16 ABC Holdings Limited UnAUdited interim GroUp resULts 2012

1 Basis of presentation1.1 Statement of compliance

This condensed consolidated financial information has been prepared in accordance with International Financial Reporting Standards (“IFRS”), and the requirements of the Botswana Companies Act (Chapter 42.01). Significant accounting policies have been applied consistently from the prior year.

1.2 Functional and presentation currencyThe financial statements are presented in Botswana Pula (BWP), which is the company’s functional currency and the Group’s presentation currency. Except as indicated, financial information presented in BWP has been rounded off to the nearest thousand.

2 Stated capitalThere has been no changes in the stated capital of ABC Holdings Limited during the six months to 30 June 2012.

3 Non-interest incomeBWP’000s

30 Jun 20126 months

30 Jun 20116 months

31 Dec 201112 months

Gains less losses from trading activities 9,243 22,793 18,705 (Losses)/gains on investment activities designated at fair value (2,175) 4,122 29,694 Dividends received 765 734 131 Fees and commission income 142,548 60,648 162,148 Forex trading income and currency revaluation 71,034 51,835 116,153 Fair value gains on investment properties 524 – –Net losses on derivative financial instruments (2,034) (837) (17,122)Profit on disposal of investment property – – 395 Loss on disposal of property and equipment (179) (110) (107)Rental and other income 15,221 6,493 15,987

234,947 145,678 325,984

4 Operating expenditureAdministrative expenses 157,318 97,105 201,434Staff costs & directors remuneration 185,158 125,214 285,844 Impairment of investment in associate – – 4,292 Depreciation and amortisation 32,363 17,963 47,899Auditors’ remuneration 4,177 3,743 6,479

379,016 244,025 545,948

NOTES TO THE INCOME STATEMENT AND BALANCE SHEET

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17

BWP’000s30 Jun 2012

6 months30 Jun 2011

6 months31 Dec 2011

12 months

5 Borrowed fundsConvertible bond 91,410 70,605 84,619 Other borrowed funds 1,039,534 612,234 897,169

1,130,944 682,839 981,788

(a) Convertible bondFace value of convertible bond issued on 13th May 2011 88,787 88,787 88,787 Derivative component (19,367) (19,367) (19,367)

Liability component on initial recognition 69,420 69,420 69,420

Balance b/fwd 84,619 69,420 69,420 Interest expense 6,927 1,371 7,209 Upfront loan arrangement fees – (728) (728)Interest paid (2,124) – (1,368)Exchange rate movement 1,988 542 10,086

91,410 70,605 84,619

In 2011, the Group issued a US Dollar denominated convertible loan to International Finance Corporation (IFC) for US$13.5 million. The loan attracts interest of 6 months LIBOR + 3.75% per annum, payable semi-annually and it is convertible at IFC’s option as follows:– BWP 3.15 per share at any time during the period from 13th May 2011 to 12th May 2012;– BWP 3.24 per share at any time during the period from 13th May 2012 to 12th May 2013;– If at any time during the conversion period, the Group raises additional capital, a price equal to the

price of the shares issued as part of such a capital raising exercise.The redemption dates for the principal amount are as follows:15th Mar 2013 – $3,500,000 15th Sep 2013 – $3,500,00015th Mar 2014 – $3,500,000 15th Sep 2014 – $3,048,969

BWP’000s30 Jun 2012

6 months30 Jun 2011

6 months31 Dec 2011

12 months

(b) Other borrowed fundsNational Development Bank of Botswana Limited 113,022 114,213 125,212 BIFM Capital Investment Fund One (Pty) Ltd 257,249 257,249 255,862 Afrexim Bank 222,030 – 209,262 Standard Chartered Bank Botswana Limited – – 113,325 Other 447,233 240,772 193,508

1,039,534 612,234 897,169

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Notes to the Income Statement and Balance Sheet continued

18 ABC Holdings Limited UnAUdited interim GroUp resULts 2012

National Development Bank of Botswana Limited (NDB)The loan from National Development Bank of Botswana is denominated in Japanese Yen and attracts interest at 3.53%. Principal and interest is payable semi-annually on 15 June and 15 December. The loan matures on 15 December 2016.BIFM Capital Investment Fund One (Pty) LtdThe loan from BIFM Capital Investment Fund One (Pty) Ltd is denominated in Botswana Pula and attracts interest at 11.63% per annum, payable semi annually. The redemption dates for the principal amount are as follows:30 September 2017 – BWP 62 500 00030 September 2018 – BWP 62 500 00030 September 2019 – BWP 62 500 00030 September 2020 – BWP 62 500 000Standard Chartered Bank Botswana LimitedThis is a one year facility issued to BancABC Botswana by Standard Chartered Bank Botswana Limited. The loan was initially granted on 22 June 2006 and has been renewed annually ever since. It matured on 30th June 2012. It attracted interest of LIBOR + 3.39% and it was secured by Bank of Botswana Certificates amounting to BWP109 million.Afrexim Bank LimitedThis is a US$50 million trade finance facility availed to the Group on a one year renewable basis by Afrexim Bank Limited from September 2011. The Group had utilised US$28 million of this facility as at 30 June 2012. It attracts interest at LIBOR + 4% and it is repayable on the earlier of when the underlying customers funded repay their respective loans or within one year, but with a provision to extend it for another one year period. Other borrowingsOther borrowings relate to medium to long term funding from international financial institutions for onward lending to BancABC clients. Fair value is equivalent to carrying amounts as these borrowings have variable interest rates.Maturity analysis

BWP’000s30 Jun 2012

6 months30 Jun 2011

6 months31 Dec 2011

12 months

On demand to one month 204,436 3,104 4,458 One to three months 338,956 4,626 14,909 Three months to one year 137,398 129,792 380,122 Over one year 450,154 545,317 582,299

1,130,944 682,839 981,788

6 Contingent liabilitiesGuarantees 706,563 341,718 337,516 Letters of credit and other contingent liabilities 27,434 70,777 95,387

733,997 412,495 432,903

Maturity analysisLess than one year 668,487 348,415 351,253 Between one and five years 65,510 64,080 81,650

733,997 412,495 432,903

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19

7 Exchange ratesThe exchange rate to BWP1 were as follows:

Closing30 Jun

2012

Average30 Jun

2012

Closing30 Jun

2011

Average30 Jun

2011

Closing31 Dec

2011

Average31 Dec

2011

United States Dollar 0.1307 0.1349 0.1530 0.1524 0.1336 0.1463 Tanzanian Shilling 205.6439 214.0995 247.0190 233.2083 212.3453 231.8286 Zambian Kwacha 674.8088 705.7631 739.7570 726.8329 682.4420 711.4275 Mozambican Metical 3.6765 3.7472 4.3651 4.6506 3.6473 4.1942 South African Rand 1.0692 1.0638 1.0389 1.0459 1.0827 1.0590

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20 ABC Holdings Limited UnAUdited interim GroUp resULts 2012

SEGMENTAL ANALYSIS

for the 6 months ended 30 June 2012:

BWP’000s Total

income

Contri-bution

to banking opera-

tions

Attri-butable

profit

Contri-bution

to banking opera-

tions Total assets

Contri-bution

to banking opera-

tions

BancABC Botswana 109,330 22% 35,727 32% 3,604,828 36%BancABC Mozambique 70,343 15% 13,816 12% 1,238,285 12%BancABC Tanzania 33,643 7% (4,860) (4%) 896,072 9%BancABC Zambia 80,329 17% 16,991 15% 1,086,524 11%BancABC Zimbabwe 190,361 39% 49,809 45% 3,237,342 32%

Banking operations 484,006 100% 111,483 100% 10,063,051 100%Head office and other non-banking operations (7,797) (55,904) 759,496

Total* 476,209 55,579 10,822,547

for the 6 months ended 30 June 2011:

BWP’000s Total

income

Contri-bution

to banking opera-

tions

Attri-butable

profit

Contri-bution

to banking opera-

tions Total assets

Contri-bution

to banking opera-

tions

BancABC Botswana 48,460 17% 10,883 15% 1,856,322 28%BancABC Mozambique 43,171 15% 7,823 11% 887,983 13%BancABC Tanzania 45,376 15% 9,941 14% 863,426 13%BancABC Zambia 45,248 15% 6,200 8% 629,490 10%BancABC Zimbabwe 112,478 38% 38,422 52% 2,410,274 36%

Banking operations 294,733 100% 73,269 100% 6,647,495 100%Head office and other non-banking operations 16,478 (36,027) 717,743

Total* 311,211 37,242 7,365,238

for the 12 months ended 31 December 2011:

BWP’000s Total

income

Contri-bution

to banking opera-

tions

Attri-butable

profit

Contri-bution

to banking opera-

tions Total assets

Contri-bution

to banking opera-

tions

BancABC Botswana 116,482 19% 28,005 20% 2,564,270 31%BancABC Mozambique 120,660 20% 28,863 20% 1,220,893 15%BancABC Tanzania 55,639 9% (3,326) (2%) 918,312 11%BancABC Zambia 100,902 16% 31,872 23% 883,887 11%BancABC Zimbabwe 218,943 36% 55,090 39% 2,622,802 32%

Banking operations 612,626 100% 140,504 100% 8,210,164 100%Head office and other non-banking operations** 46,183 (57,502) 973,724

Total* 658,809 83,002 9,183,888

* Prior to eliminations.** Reflects non banking operations in various geographical sectors.

Page 23: Unaudited Interim Group Results - BancABC group results... · 2 ABC Holdings Limited UNAUDITED INTERIM GROUP RESUL TS 2012 ANNOUNCEMENT TO SHAREHOLDERS The Group posted a strong set

DIRECTORS CONTACT INFORMATION 2012

ABC Holdings LimitedDirectors: H Buttery, FM Dzanya, D Khama, N Kudenga, B Moyo, DT Munatsi, L Shyam-Sunder, MM Schneiders

ABC House, Plot 62433, Fairground Office Park, Gaborone, Botswana Tel: +267 3674300 Fax: +267 3902131

Administrative office – South Africa 205 Rivonia Road, Morningside, 2196 Johannesburg, South Africa Tel: +27 (11) 722 5300 Fax: +27 (11) 722 5360 www.bancabc.com

BancABC Botswana Directors: D Khama, L Makwinja, B Moyo, DT Munatsi, J Kurian

BancABC House, Plot 62433, Fairgrounds Office Park, Gaborone, Botswana Tel: +267 3674300 Fax: +267 3902131

Branches: Square branch +267 3160400 Fairgrounds branch +267 3674300 Francistown branch +267 2414133 Game City branch +267 3704700 [email protected]

BancABC Mozambique SADirectors: B Alfredo, H Chambisse, DT Munatsi, LS Simao, TET Venichand, J Sibanda, F Mucave

Head Office: 999 Avenida Julius Nyerere, Polana Cimento, Maputo, Mozambique Tel: +258 (21) 482100 Fax: +258 (21) 486808

Branches: Beira branch +258 (23) 320655/7 Chimoio branch +258 (25) 123007/8 Tete branch + 258 (25) 222984 Matola branch +258 (21) 720005/8 Chiundi branch +258 (21) 493715 [email protected]

BancABC TanzaniaDirectors: JP Kipokola, R Dave, J Doriye, W Nyachia, DT Munatsi, L Sondo, B Nyoni

1st Floor Barclays House, Ohio Street, PO Box 31 Dar es Salaam, Tanzania Tel: +255 (22) 2111990 Fax: +255 (22) 2112402

Branches: Kariakoo branch +255 (22) 2180108/182/212 Upanga branch +255 (22) 2121537-9 Quality Center branch +255 (22) 2865904-10 Arusha branch +255 (27) 2546390/2 [email protected] & [email protected]

Tanzania Development Finance Company LimitedDirectors: JP Kipokola, J Doriye, W Nyachia, DT Munatsi, B Nyoni

1st Floor Barclays House, Ohio Street, Dar es Salaam, Tanzania PO Box 2478, Dar es Salaam, Tanzania Tel: +255 (22) 2111990 Fax: +255 (22) 2112402 [email protected] & [email protected]

BancABC Zambia Directors: C Chileshe, DT Munatsi, C Simatyaba, JW Thomas, L Mwafuliwa, A Dudhia, R Credo, J Muwo

BancABC House, Plot 746B, Corner Nasser Road/ Church Road, Ridgeway, Lusaka Tel: +260 (211) 257970-5 Fax: +260 (211) 257980

Branches: Cairo Road branch + 260 (211) 227690/3 Kitwe branch +260 (212) 222426/7 Livingstone branch + 260 (213) 320681 Lumumba Road branch + 260 (211) 230796 Ndola branch +260 (212) 621715/6 Chipata branch +260 (216) 223758 Kasumbalesa branch +260 (212) 643002 [email protected]

BancABC Zimbabwe Directors: N Kudenga, P Sithole, FE Ziumbe, NM Matimba, A Mabhena, FM Dzanya, H Matemera,TW Mudangwe

1 Endeavour Crescent, Mount Pleasant Business Park, Mount Pleasant, Harare, Zimbabwe Tel: +263 (4) 369260-99 Fax: +263 (4) 338064

Branches: Beitbridge branch +263 (286) 23172/3/4 Checheche branch +263 (317) 258; 277; 314; 327 Chiredzi branch +263 (31) 2254-6/413609 Graniteside branch +263 (4) 781046/7; 781615-7 Heritage branch +263 (4) 781837-40 Hotsprings branch +263 772 456 188; 772 732 014 Hwange branch +263 (281) 21703-10 Kwekwe branch +263 (55) 25216-23 Jason Moyo branch +263 (9) 73700-11 Msasa branch +263 (4) 486087; 486139; 486508 Mt. Pleasant branch +263 (4) 369260-99 Mutare branch +263 (20) 67939; 67941 Redcliff branch +263 (55) 62875-82 Victoria Falls branch +263 (13) 45101-8 TSF Branch +263 (4) 667039; 667892 Zvishavane branch +263 (51) 2940-4 Masvingo branch +263 (39) 266613/20 Triangle branch +263 (3) 35305/2 Ngezi branch +263 (0) 772 164401/6 [email protected]

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www.bancabc.com